Daily Highlights: 6.2.10

• Asian stock markets were mostly lower with the Japanese market somewhat volatile.
• Australia's economic growth slows in first quarter as businesses cut spending.
• Corn syrup producers acknowledge opponents are souring US market for common sweetener.
• EU antitrust regulators to probe Siemens and Areva nuclear non-compete deals.
• EU ministers affirming commitment to adding western Balkan countries to the Union.
• Japanese PM will quit in less than nine months after taking office, on US base row.
• Tobacco loophole in Obama's child health law costs US $250M as companies avoid huge tax hike.
• US launches criminal and civil investigations into the Gulf of Mexico oil spill.
• Air Products extends tender offer to acquire Airgas for $60/per share in all cash.
• AT&T clamps down on wireless phone data usage with new plans.
• Barclays buys carbon trader Tricorona for $145M.
• BP oil leak may last until Christmas in worst case scenario.
• Oil nears Florida as BP tries risky cap move.
• Caterpillar pushing further into the rail business, to pay $820M for Electro-Motive Diesel.
• Citigroup positioning CitiFinancial consumer-lending unit to grow and to be sold more easily.
• Covidien PLC agreed to buy vascular device maker ev3 Inc. for $2.6B.
• Dubai Holding's realty and hospitality arm posts $6.2B loss in 2009.
• EADS backs '10 outlook; hopes to pay out dividend for '10.
• HP to shed 9,000 jobs over several years as it spends $1B automating data centers.
• Icahn again extended his tender offer for Lions Gate, eliminates his majority-control condition.
• JoS A Bank profit up 38% to $15.8 million.
• Lukoil beats forecasts with $2 billion net income in first quarter.
• Nu Skin announces increase of $150M in stock repurchase program.
• Prudential to scrap AIA purchase from AIG, drop $21B rights offer.
• Telefónica hikes offer for Portugal Telecom's stake in Vivo to €6.5B from €5.7B.
• Tenet Healthcare eyes Healthscope buyout to tap private care in Australia.
• US probes Ford Fusion, Mercury Milan floor mats and pedals.

Economic Calendar: Data on Pending Home Sales, Crude Inventories & Auto Sales to be released.

Earnings Calendar: ABM, BH, CPRT, CWTR, DAKT, DDMX, GEF, HOV, ISLE, SCVL, TRU, UNFI.

RECENT RATING ACTIONS
CON-WAY INC (CNW)
PENSKE AUTOMOTIVE GROUP INC (PAG)
NYSE EURONEXT (NYX)
LIZ CLAIBORNE INC (LIZ)
NEWMARKET CORP (NEU)
LTD BRANDS INC (LTD)
RADIOSHACK CORP (RSH)
CATERPILLAR INC (CAT)
TRW AUTOMOTIVE HOLDINGS (TRW)
HJ HEINZ CO (HNZ)
US BANCORP (USB)
UNIVERSAL CORP/VA (UVV)

Data provided by Egan-Jones Ratings and Analytics

Comments

[Zina]

BP Oil Leak May Last Until Christmas in Worst Case Scenario:

http://www.businessweek.com/news/2010-06-02/bp-oil-leak-may-last-until-c...

[Augustus]

The "Tobacco Loophole" does not cost anything.  It is money that will be saved by consumers and denied to the pols to spend.  That is not a cost.  It was nonsense to raise the taxes on tobacco from $2.50 a lb. to $25.00 in the first place.  It is simply more of the Obama scheme to target and punish the unpopular.